The differences between strategies and tactics

first_imgStrategic planning sessions are critical to your financial institution’s success. But all too often what starts as time devoted to examining big picture issues turns into a discussion about the minutia. This is the classic challenge of going from 30,000-foot issues to 5,000 (or lower) foot issues. For example, rather than discussing your five year branching strategy you start talking about the colors in the lobby.The bottom line is there is a difference between strategies and tactics. While they are both important you need to make sure that when you are “doing strategy” you do strategy. Keep the following differences in mind when it comes to strategy and tactics:Strategy is long-term, tactics are temporaryStrategy focuses you, tactics distract youStrategy stays, tactics changeStrategy inspires, tactics overwhelmStrategy sets direction, tactics veerStrategy gives vision, tactics give headachesStrategies are big, tactics are smallYou can even use the above list as a tool in your planning session. For example, give this of simple bullet points to everyone ahead of time. Or even have it displayed on 3×5 cards at people’s seats. But use it as a visual reminder.The above list may give the impression that tactics are not important. That is not the case at all. The point is that it’s all too easy for strategic sessions just to become glorified tactical discussions. continue reading » 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Protecting privacy with contract management software

first_imgWith a high number of privacy rules and guidelines currently being enforced, how can a credit union use contract management software to mitigate risk and protect members’ personally identifiable information?Legislation and regulations continue to evolve to protect consumer and other personal data considered private. Government organizations, such as the Federal Trade Commission, help prevent unfair and deceptive business practices. Recently, the FTC reported that it obtained 114 court orders against businesses with deceptive practices. Keep in mind, the European Union’s General Data Protection Regulation protects private data, and the Healthcare Insurance Portability and Accountability Act protects data related to an individual’s health. The credit card industry and the Security Standards Council published guidance for the industry to protect data related to payment transactions.Even the US Government is publishing guidance for protecting personally identifiable information. The United States Office of the Management and Budget published guidance for safeguarding against, and responding to, the breach of personally identifiable information. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more